On Tuesday 14/6 the debut of Blue Cedar on the board – Starting price 2.25 euros

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The 43.2 million shares of Blue Cedar will premiere on the board of the regulated market of the Athens Stock Exchange on Tuesday, June 14th.

The trading code of the share is BLACEDROS with Greek font and BLEKEDROS with Latin font.

The starting price of the company’s shares is 2.25 euros per share, equal to the offering price determined by the Coordinator, the Main Contractor of the Public Offer, based on the procedure of the Bid Book.

It is noted that the revenues of the Public Offering amounted to 16.2 million euros, which, after deducting the issuance costs of 0.95 thousand euros, amount to 15.25 million euros.

According to an announcement of the company, these funds will be available, according to the meeting of the Board of Directors of 10.06.2022, as follows:

i. 8 million euros for the construction of a hotel with a capacity of 117 rooms in a privately owned car park building with declared protected faces on Dimitrakopoulou and Faliro streets in the Makrigianni area of ​​the Municipality of Athens as well as

ii. 7 million euros for the construction of a tourist unit on a privately owned coastal area of ​​approximately 18 acres in the settlement of Xifia in the Municipal Unit of Monemvasia.

The remaining funds will amount to 0.25 million euros and will be used as the company’s working capital, according to the Prospectus.

Outcome of a Public Offer

It is recalled that on June 8, 2022, the Public Offering and the placement of 7,200,000 new common registered shares of the Company were completed.

The offering price of the New Shares (hereinafter the “Offering Price”) was set at 2.25 euros per share for the entire Public Offering (Special and Private Investors).

The total funds raised from the Public Offering, before the deduction of supplies and expenses, amount to 16.2 million euros (€ 2.25 * 7,200,000). More specifically, 4,671,352 new common registered shares (or 64.88% of the total Public Offering) were distributed to Private Investors and 2,528,648 new common registered shares (or 35.12% of the total Public Offering) were distributed to Special Investors.

The total demand from the applications of the Special Investors submitted during the Public Offering, at the Offering Price, amounted to 3,248,062 New Shares, exceeding the ones offered in this category, ie 719,414 new common registered shares by approximately 1.28 times. In total, 15 Special Investor applications were submitted at the Offering Price.

The total demand from the 782 applications of Private Investors, submitted during the Public Offering, amounted to 5,077,556 New Shares.

Therefore, the total demand at the Offering Price from the applications of Special Investors and Private Investors submitted during the Public Offering amounted to 8,325,618 New Shares, exceeding the available 7,200,000 New Shares, by approximately 1.16 times.

According to the Prospectus dated 27.05.2022, the Coordinating Principal Contractor expressed his intention to acquire shares with a total value of up to € 900,000 at the Offering Price, either during the Public Offering or from any unallocated shares, depending on the stock market. conditions, market conditions and demand for the Issue. The distribution of New Shares at the Offering Price in “Optima asset management Mutual Fund Management Societe Anonyme”, a subsidiary of the Chief Contractor Coordinator, amounted to 88,500 New Shares.


Source: Capital

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